Market Trend: The selling phase continues in the market. The market has closed down with a decline for the 5th consecutive day. The Sensex-Nifty has seen a decline of more than 1 percent. All sector index of BSE have closed down with a decline. The midcap and smallcap index slipped more than 3 per cent. Auto, energy and pharma stocks have seen selling. The FMCG, Metal and IT index have closed down with a decline. The Sensex fell 1,018 points to close at 76,294. The Nifty has fallen at 310 points to close at 23,072. The Nifty Bank has fallen to close at 49,403. The midcap falls 1,583 points to close at 50,888. There has been a decline in 29 out of 30 Sensex. 46 out of 50 Nifty shares have seen a decline. All 12 shares of Nifty Bank have declined.
Nagraj Shetty, Senior Technical Research Analyst of HDFC Securities It is said that the market continued to fall in the fifth consecutive trading session on Tuesday, February 11 and the Nifty closed down by 309 points. After opening with a negative attitude, the market continued to decline in most parts of the trading session. In the middle of the trading session, a sharp intraday decline began and the Nifty eventually closed near today’s low level.
A long bearish candle was formed on the Daily Chart which decisively broke the crucial support of 23400 and closed at the lower level. Technically this pattern shows the prevalence of the decline in the market. The market recently rejected the fast chart pattern after the upward bounce. It has become negative from market sentiment positive.
Lower tops and bottoms such as a large -scale recession patterns are visible on the daily chart and the Nifty is now ready to go below the January 3786 level. However, any boom coming up from here can get strong resistance around the level of 23200.
Falling rupee increases trouble, TV, mobile and other electronic products can be expensive
Prashant Tapse of Mehta Equality Says that Indian markets performed weakly with global index. The benchmark indices led to a fall of more than 1 percent due to heavy selling. The market has been under pressure due to the concerns of Tariff War increasing after Trump imposed 25 per cent import duty on steel and aluminum. Trump’s move will harm India’s business potential. Later, the possibility of a decrease in the government’s expenses and the disappointing results so far have created concern among investors. Due to this, they are reducing their equity holdings.
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